The Group's adjusted net financial position, which does not reflect the mark-to-market impact of derivative financial instruments and the impact from the application of IFRS 16, was €145.5 million as at 31 January 2024, and mainly consists of the following items:
- €160 million for the “sustainability‐linked bond” issued on 10 November 2021 and maturing on 10 November 2027;
- €95 million for the “Amortizing Sustainability‐Linked line” maturing on 7 April 2027;
- €120 million for the "Revolving Sustainability‐Linked line" maturing on 7 April 2027, undrawn as at 31 January 2024.
All the Group's main financial lines are linked to sustainability performance with targets in line with those defined at the time of the bond issue.
The Group's pre-IFRS 16 reported net financial position, which does not reflect the impact of the application of IFRS 16, as at 31 January 2024 was €145.2 million and includes €0.3 million resulting from the mark-to-market value of hedging derivative instruments at that date.
The Net financial position at 31 January 2024 was €1,141.9 million and includes €996.7 million resulting from the application of IFRS 16 concerning the discounting of future lease payments.
Management believes that about €600 million out of the €996.7 million refer to future rent that do not represent a financial liability since the Group has an exit option.